Question

A city has a population 290,000 of people. Suppose that each year the population grows by 5.5%. What will the population be after 15 years?

Answer 1

Answer: 647,418

Given:

Initial population = 290,000

Growth rate = 5.5% = 0.055

Time = 15 years

The formula that we'll be needing is the exponential growth formula which is noted as:

`f(x)=a(1+r)^x`

Where:

a = initial population

r - rate

x = time

From the given, we know that:

a = 290 000

r = 0.055

x = 15

Substitute these to the formula and we will get:

`\begin{gathered} f(x)=a(1+r)^(x) \\ f(15)=(290000)(1+0.055)^(15) \\ f(15)=647418.1827\approx647418 \end{gathered}`

Therefore, in 15 years, the population will be around 647,418.